One of Australia's oldest wine businesses McWilliam's Wines will be split in two after administrator KPMG sealed a $40 million deal with two private company buyers.
Calabria Family Wines will acquire McWilliam's brands, intellectual property, and stock holdings as well as the Hanwood vineyard, winery and cellar door.
Medich Family Office will take over the Mount Pleasant winery and assets.
Calabria general manager Michael Calabria said it was an honour to become the custodians of the brand. "Despite recent challenges, we know the McWilliam's name carries a long and prestigious reputation as one of Australia's oldest wine producers," Calabria said.
McWilliams was founded in 1877 and had six consecutive generations of winemakers with more than 140 years of experience.
Calabria sales and marketing manager Andrew Calabria said his father, Bill, loved sharing stories about the McWilliams and still visits Jim McWilliam (aged 96).
"We are committed to honouring the McWilliam's legacy as we bring their portfolio into our very own," Andrew Calabria said.
McWilliams went into receivership in January 2020. Gayle Dickerson, Ryan Eagle and Tim Mableson from KPMG have been the appointees.
The original sale fell through late last year and the private equity and venture capital firm Prcstnt (pronounced “persistent”) failed to come up with the $46 million needed.
The Medich Family Office is a diversified investment group run by Roy and son Anthony Medich.